Manitowoc (NYSE:MTW) Upgraded to “Buy” by Goldman Sachs Group

Goldman Sachs Group upgraded shares of Manitowoc (NYSE:MTW) from a sell rating to a buy rating in a report released on Friday morning, Benzinga’s Daily Ratings Newsletter reports. Goldman Sachs Group currently has $18.00 target price on the industrial products company’s stock, up from their prior target price of $12.00.

MTW has been the topic of a number of other reports. Dougherty & Co initiated coverage on shares of Manitowoc in a research report on Wednesday, August 28th. They set a neutral rating on the stock. OTR Global lowered shares of Manitowoc from a mixed rating to a negative rating in a research report on Tuesday, September 10th. Zacks Investment Research lowered shares of Manitowoc from a buy rating to a hold rating and set a $17.00 price target on the stock. in a research report on Tuesday, August 13th. Royal Bank of Canada reissued a hold rating and set a $20.00 price target on shares of Manitowoc in a research report on Tuesday, August 13th. Finally, Citigroup lowered shares of Manitowoc from a neutral rating to a sell rating and dropped their price target for the company from $16.00 to $10.00 in a research report on Tuesday, October 15th. Three analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. Manitowoc presently has a consensus rating of Hold and a consensus target price of $16.50.

Shares of NYSE MTW traded up $2.29 during mid-day trading on Friday, reaching $16.21. 2,042,259 shares of the company’s stock traded hands, compared to its average volume of 422,777. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.78 and a quick ratio of 0.70. The business has a 50-day simple moving average of $12.39 and a 200 day simple moving average of $14.99. Manitowoc has a 1-year low of $10.49 and a 1-year high of $20.09. The stock has a market cap of $501.58 million, a P/E ratio of 25.33, a PEG ratio of 0.84 and a beta of 2.16.

Manitowoc (NYSE:MTW) last released its quarterly earnings results on Thursday, November 7th. The industrial products company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.20. Manitowoc had a negative net margin of 2.52% and a positive return on equity of 7.97%. The company had revenue of $448.00 million for the quarter, compared to analyst estimates of $455.27 million. During the same period last year, the firm earned $0.20 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. Equities research analysts anticipate that Manitowoc will post 1.7 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. Firefly Value Partners LP raised its position in Manitowoc by 4.4% in the second quarter. Firefly Value Partners LP now owns 3,521,603 shares of the industrial products company’s stock worth $62,685,000 after acquiring an additional 150,000 shares during the period. Vanguard Group Inc. raised its position in Manitowoc by 2.0% in the second quarter. Vanguard Group Inc. now owns 3,342,682 shares of the industrial products company’s stock worth $59,500,000 after acquiring an additional 65,053 shares during the period. BlackRock Inc. raised its position in Manitowoc by 0.7% in the second quarter. BlackRock Inc. now owns 2,479,273 shares of the industrial products company’s stock worth $44,131,000 after acquiring an additional 18,250 shares during the period. Nuveen Asset Management LLC bought a new stake in Manitowoc in the second quarter worth about $30,401,000. Finally, Front Street Capital Management Inc. raised its position in Manitowoc by 62.9% in the second quarter. Front Street Capital Management Inc. now owns 1,065,422 shares of the industrial products company’s stock worth $18,967,000 after acquiring an additional 411,197 shares during the period. 78.87% of the stock is currently owned by institutional investors and hedge funds.

Manitowoc Company Profile

The Manitowoc Company, Inc provides engineered lifting equipment for the construction industry in the Americas, Europe, Africa, the Middle East, and the Asia Pacific. It designs, manufactures, and distributes crawler-mounted lattice-boom cranes under the Manitowoc brand; a line of top-slewing and self-erecting tower cranes under the Potain brand; mobile telescopic cranes under the Grove brand; and a line of hydraulically powered telescopic boom trucks under the National Crane brand.

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Analyst Recommendations for Manitowoc (NYSE:MTW)

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